UBS-Weekly Oil Data Both crude and product draw-20251210
这篇研报讲什么？
摘要原文摘录Crude draw, bearish vs. Consensus
机构观点归属瑞银集团，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
Crude draw, bearish vs. Consensus
Crude oil inventories fell by -1.8Mb, bearish vs. the consensus draw of -2.3Mb, butbullish vs. the 5-year average build of +3.9Mb. API data released yesterday had shown adraw of -4.8Mb. Refinery utilisation increased by 40bps w/w to 94.5% of operablecapacity (consensus of +30bps w/w). Net imports rose by 0.2Mb/d w/w, while crudeproduction edged higher w/w at 13.9Mb/d.
Product demand up w/w
Implied oil products consumption rose by +0.9Mb/d w/w to 21.1Mb/d, driven bydistillate +0.7Mb/d. Fuel oil contributed to the gain, increasing by +0.2Mb/d, alongsidegasoline and jet fuel each up +0.1Mb/d. Partly offsetting this, "Others" saw a decline of-0.3Mb/d. The 4-week average demand also increased by 2% w/w at 20.4Mb/d.
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